Latest China DCM news

  • Maybank’s second BRI Panda gets warm welcome

    Maybank completed its second Rmb2bn ($291.5m) Belt and Road Panda trade on Thursday, pricing both tranches at the bottom of the price range.

    • 21 Jun 2019
  • CRCC sets benchmark for Chinese SOE sub perps

    China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.

    • 21 Jun 2019
  • Bonds news in brief: Chinese issuers take centre stage

    Chinese local government financing vehicles (LGFVs) and property developers took advantage of positive sentiment after dovish comments from the Federal Reserve to flood the offshore market with bonds.

    • 21 Jun 2019
  • Trump tweet helps YY CB draw surge in risk appetite

    Chinese video-based social media platform YY pocketed $850m from a well-timed dual-tranche convertible bond. The deal — launched after repeated indications of interest in US-listed stocks — landed on a burst of risk appetite that followed US president Donald Trump’s tweet confirming his meeting with Chinese leader Xi Jinping at the G20 gathering in Japan next week. Jonathan Breen reports.

    • 20 Jun 2019
  • LGFV bond bonanza as supply forecast dims

    China’s recent measures to curb local government debt by restricting new offshore issuance from their financing vehicles led to one of the busiest weeks for the sector, as companies raced to beat the June 30 deadline when their regulatory quotas expire, writes Addison Gong.

    • 20 Jun 2019
  • China MoF completes first auction of the year

    China’s Ministry of Finance has sold its first offshore renminbi bond of 2019, raising Rmb5bn ($729m) on Thursday.

    • 20 Jun 2019
  • Founder Group uses up quota on fourth 2019 deal

    Peking University Founder Group Co raised $250m in a two year bond trade on Wednesday, using up the last of its offshore issuance quota, and shaking off investor concerns about its ongoing litigation.

    • 20 Jun 2019
  • YY eyes $850m from dual-tranche CB

    Nasdaq-listed Chinese social media platform YY hit the market with an $850m dual-tranche convertible bond on Wednesday.

    • 19 Jun 2019
  • Chinese developer Greenland nabs $500m for refi

    Greenland Holding Group Co tackled a July maturity by raising $500m from a bond on Tuesday, but the company still has more refinancing pressure in the near term.

    • 19 Jun 2019
  • Updated: Investors snap up Xi’an LGFV as supply forecast dims

    Xi'an Municipal Infrastructure Construction Investment Group Corp has sealed a seven times subscribed bond to refinance an upcoming maturity. The deal was the first to price after China announced measures to curb local government debt by restricting new offshore issuance from their financing vehicles.

    • 18 Jun 2019

China DCM news archive

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 20-Jun-19 Maybank Malaysia 2,000
2 30-May-19 Portugal Portugal 2,000
3 17-May-19 Trafigura The Netherlands 540
4 16-May-19 CITIC Pacific China 1,000
5 15-May-19 Republic of the Philippines Philippines 2,500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 25.05
2 Credit Agricole 7.04
2 HSBC 7.04
4 Bank of China (Hong Kong) (BOCHK) 6.90
4 Bank of Communications Hong Kong Branch (BOCOM HK) 6.90

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 22-May-19 Agricultural Development Bank of China (ADBC) China 3,000
2 16-Apr-19 ICBC Singapore Branch China 1,000
3 10-Apr-19 Bank of China Macau Branch (BOC Macau) China 4,500
4 15-Mar-19 Bank of Communications Hong Kong Branch (BOCOM HK) China 2,500
5 13-Mar-19 Daimler International Finance Germany 1,000